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Philip V (1700-1746)

GOLD COBS OF LIMA AND CUZCO

                     (A short history of Lima gold cobs, 1696-1750, follows L3 below.)

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RRecently sold: This exceptional double date 1712 Lima from the Fleet.

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A Brief History of Lima Gold Cobs

After a short-lived, unauthorized experiment in gold coinage in 1659-60-- which enraged Philip IV-- the Lima mint began legally striking gold cobs in 1696. It continued to do almost continuously until 1750. Earthquakes, plagues, mining and economic problems several times curtailed gold production at Lima, but only in one year,1706, does a combination of these conditions seem to have stopped it.

Gold cobs were struck each year in four denominations: an eight escudos or onza of about 27 grams, and a four, two and one escudos at appropriate fractional weights. Onzas always comprised the bulk of the mintage, followed by the two and the one escudos. The design of the onza was repeated at reduced scale on the four and two escudos. The one escudos featured a single castle and small cross design.

Lima gold cobs were struck in the name of these four Spanish monarchs:

v     Charles II, 1696-1701 ( Charles died in 1700 but his coinage continues into 1701 )

v     Philip V, 1701-1724, 1724-46 ( second reign)

v     Luis I ( 1724)

v     Ferdinand VI (1746-1750)

Six assayer’s initial appear on Lima gold cobs:

Ø      H—Francisco Hurtado, 1696-1711

Ø      R— Miguel Rojas , 1699

Ø      M – Cristobal Melgarejo, 1709-1728

Ø      N—Joaquin Negron, 1728-1741

Ø      V— Vargas, 1739-1748

Ø      R--   Jose Rodriquez 1748-50

In general the quality of gold cobs produced under Capt Hurtado was high, very high in the first years of the coinage under Charles II.  Melgarejo at first continued to strike high quality gold cobs, but by the end of the Fleet era (1714), flans were becoming smaller and designs ( especially the cross) cruder. Some design experimentation in 1716-1717 produced the modified types that would henceforth grace Lima gold cobs. By the end of Melgarejo’s tenure and throughout those of his two immediate successors, Negron and Vargas, quality continued to decline, reaching its in nadir in some 1740’s issues of Vargas that are almost unrecognizable as Lima gold cobs. Some improvement occurred in the last three years of cob coinage at Lima under Rodriquez, but on small, crowded flans, so unlike Hurtado’s wonderful issues.

Two shipwrecks have contributed significantly to our knowledge and the collectiblity of Lima gold cobs. Prior to the discovery of the 1715 Fleet Florida wrecks in the 1960’s, many of the gold cobs in the era 1696-1714 were completely unknown or known in only one or two specimens. 1715 Fleet salvages have added perhaps 1500 collectible specimens to that population. Many Fleet dates remain very rare coins (1-3 known), but now at least there is a chance to own a 1702 onza or 1700 media onza! About 150 beautiful Lima gold cobs are impounded in the Florida State Collection.

A shipwreck found in 1992 in Montevideo harbor has also done a great deal for  the collectibility of the final years of Lima gold cobs. The wreck of Nuestra Senora de la Luz has yielded over a hundred Lima onzas and media onzas dated 1749-50, with occasional dates back to 1744. 1750 media onzas were not known to exist prior to this find.

Smaller more recent finds include a scant but interesting group of 1715-17 Limas from the 1719 wreck of the VOC merchantman Loosdrecht off the Isle of Wight. Surprisingly, the 1733 Fleet sites of the Florida Keys have not yielded any verified finds of Lima gold.

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